"I have done nothing with Chelsea or any other club. I have four more years left on my contract with Porto and I'm focussing on the national team [at the London Olympics]."

"I haven't talked to anyone. As everyone knows, I don't follow negotiations closely as that will make me lose my focus. I let my agent deal with that stuff..."

Porto FC president Pinto da Costa also denied that his star striker will be leaving the club, stating that:

"For other players, there have been some approaches. Until now, nothing has arrived for Hulk..."

The news comes as a bitter blow for Chelsea, who were believed to have secured the services of the Brazilian international for next season almost two months ago. Several media outlets—such as Mirror Football—reported that Hulk had signed with the Blues for a substantial fee—only to be proven wrong with the latest news.

After being so close to a deal with Hulk, the champions of Europe will now have to look elsewhere if they want another big-name striker to add to their squad.

The Londoners have already picked up Marko Marin and Eden Hazard, and are believed to be close to announcing the signing of Brazilian sensation Oscar for next season also.

But after thinking that Hulk was a done deal, the news that he will not be making a move over the summer transfer window is no doubt frustrating for Chelsea and for the fans that had assumed the 25-year-old was on his way to Stamford Bridge.